On 19 December, the Federal Financial Supervisory Authority (BaFin) ordered the immediate discontinuation of the financial transfer business of Swiss Convene GmbH. On www.cfdpremium.com it offers financial services for Bitcoin & Co., which were not approved by BaFin.
What is a tongue twister for learners of German is a nightmare for many financial service providers: the Federal Financial Supervisory Authority (BaFin). The Federal Financial Supervisory Authority has now ordered Swiss Convene GmbH to discontinue its services with immediate effect. On the website www.cfdpremium.com it had offered CfDs for crypto currencies such as Bitcoin, Ethereum or Ripple without the permission of the authority.
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CfD Premium pretends to offer licensed Bitcoin CfDs
On its homepage CFD Premium describes itself as one of the leading brokers:
“CFD Premium is one of the most innovative forex brokers. The platform] offers a broad spectrum of state-of-the-art technical solutions. It offers high-quality trading platforms and high liquidity for both new and experienced traders. Our team of experts can help you invest safely in a secure and regulated environment.”
BaFin orders immediate termination
Well, that’s a lie – a regulated environment is unlikely to be the case with an unlicensed one. This is how BaFin writes:
“Swiss Convene GmbH accepts funds from private individuals on its business accounts and forwards them to various foreign accounts of various companies. The companies are predominantly domiciled abroad. In this way, customers of the unlicensed Internet trading platform www.cfdpremium.com, among others, deposit funds so that they can be credited to their trading account held internally on the trading platform.”
Furthermore, the authority refers to a warning issued in August, in which it had already warned against such providers. According to this warning, the BaFin could increasingly observe that unlicensed trading is taking place, especially in the area of contracts for difference and in forex trading. An indication of this is the often hidden imprint, which often refers to offshore mailbox addresses.